New Home Sales and Prices Both Increase in San Francisco According to Recent Data
Posted on: May 06, 2013 07:32:58 AM
New home closings in the San Francisco, CA market increased year-over-year in February, but as the percentage rose less than January 2013, the market seemed to show signs of leveling. There was a 29.0% boost in new home closings from a year earlier. This was after the housing market saw a 72.8% rise year-over-year in January.
A total of 3,951 new homes were sold during the 12 months that ended in February, up from 3,893 for the year that ended in January.
Out of all housing closings, new home closings made up 7.5%. This is up from the 4.8% of closings a year earlier. Following a year-over-year decline in January, closings of new and existing homes also slid year-over-year in February.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 7.0% year-over-year in February to $573,854 per unit. This rise is an improvement over the 5.6% rise in January year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size rose to $446,441 in February, marking a 10.3% rise compared with a year earlier. Average mortgage size rose 3.5% in January 2013 from a year earlier. Of the overall sale price, the percentage that was being financed increased 2.3 percentage points year-over-year to 77.8% in February 2013. In January 2013, there was a 1.5 percentage point decline in January from a year earlier.